Wolgodeminoil A Long-Standing Partnership
Wolgodeminoil is the longest-standing joint venture for hydrocarbon production between a Russian and a Western European partner.
Wolgodeminoil is the longest-standing joint venture for hydrocarbon production between a Russian and a Western European partner. Wintershall Dea and RITEK, which is a subsidiary of LUKOIL, one of Russia’s largest oil producers, each hold a 50 per cent stake in the company. The company operates in the Volgograd and Saratov regions.
In 1992, Wolgodeminoil was the only joint venture in Russia that was established without having confirmed oil reserves and which only began to explore for oil after its foundation. In the vast expanses of southern Russia, however, the partners quickly found what they were looking for. Despite all the difficulties, Wolgodeminoil succeeded in establishing successful production. In August 2018, the company produced the ten millionth tonne of oil.
Wolgodeminoil started production in the Zalivnoye field in 2019. To increase efficiency at the Molodezhnoye, Avilovskoye and Dobroye fields, gas-powered CHP units have been installed to meet the company’s own electricity needs. At the end of 2019, the joint venture received two new exploration licences, which expand the resource base of the company in the region.
Wolgodeminoil is rightly proud in achieving international environmental and energy standards. The joint venture has a certified integrated occupational health and safety management system based on the ISO 14001 and OHSAS 18001 international standards. There is no gas flaring. Associated gas is collected, processed in plants belonging to the partner RITEK, and then fed into the pipeline grid. Part of the associated gas is processed in Wolgodeminoil’s own plants and used for generating electricity.